Fastly, Inc. — Earnings Quality Grade F
FSLY · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change -9 days YoY
AR growth 1.8% vs revenue growth 14.8%
Revenue 14.8%, CFFO 475.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 24.6% vs revenue 14.8%. Normal
SG&A/Gross Profit = 87.6%, exceeds 70%
Gross margin 57.1%, change +2.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.0B, FCF/NI = -0.40
Accruals ratio = -14.4%. Low accruals
Cash $0.4B covers 84% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 75% of equity. Over 50%
Interest coverage = -9.3x (<2x). Financial stress
Other assets grew 70.6% vs revenue 14.8%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -3.20 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25